Supercuts 2009 Annual Report Download - page 65

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Table of Contents
Investing activities also included an $8.9 million cash outlay related to the settlement of our cross-currency swap (which had a notional amount
of $21.3 million and hedged a portion of the Company's net investment in its foreign operations).
The company-owned constructed and acquired locations (excluding franchise buybacks) consisted of the following number of locations in
each concept:
(1)
Years Ended June 30,
2009
2008
2007
Constructed
Acquired
Constructed
Acquired
Constructed
Acquired
Regis
20
23
14
4
17
49
MasterCuts
14
—
7
—
15
—
Trade Secret(1)
10
—
16
65
20
3
SmartStyle
71
—
207
—
242
—
Supercuts
27
—
33
3
45
—
Promenade
36
71
33
135
56
193
International
4
—
15
25
25
12
Beauty schools
—
—
—
—
2
1
Hair restoration centers
8
—
3
—
—
1
190
94
328
232
422
259
Beginning with the period ended December 31, 2008, the operations of Trade Secret concept within the North American reportable
segment were accounted for as discounted operations. All comparable periods will reflect Trade Secret as discontinued operations.
Financing Activities
Net cash used in financing activities during the twelve months ended June 30, 2009, 2008 and 2007 was the result of the following:
During fiscal year 2009 the primary use of cash within financing activities was for net repayments on revolving credit facilities as reducing
debt levels was one step the Company took to help maintain its compliance with debt covenants. The Company utilized intercompany
borrowings on a short-term basis as allowed by a recently expanded IRS ruling to reduce debt.
During fiscal year 2008, and 2007, net borrowings were primarily used to fund loans and acquisitions, share repurchases, and customary
income tax payments. Acquisitions funded are discussed
63
Financing Cash Flows
For the Years Ended June 30,
2009 2008 2007
(Dollars in thousands)
Net (repayments) borrowings on revolving credit facilities
$
(134,100
)
$
(8,613
)
$
84,806
Net (repayments) borrowings of long
-
term debt
(7,504
)
46,839
(15,888
)
Proceeds from the issuance of common stock
3,894
8,893
14,310
Repurchase of common stock
—
(
49,957
)
(79,710
)
Excess tax benefit from stock
-
based compensation plans
163
1,420
4,536
Dividend payments
(6,912
)
(6,964
)
(7,169
)
Other
(3,848
)
(2,622
)
(7,310
)
$
(148,307
)
$
(11,004
)
$
(6,425
)